Are Covid Vaccines Policy Placebos or Pandemic Shields?
- By Dominique Dwor-Frecaut
- 4 minutes read
Summary
• US cases, hospitalizations and excess deaths show limited vaccine impact on the pandemic.
• The limited health impact of vaccines could reflect low vaccination rates, decaying immunity, and that current vaccines target the Alpha variant.
• Still, vaccinations have strongly impacted the economy and markets, by providing cover for health policymakers to return to near economic normality.
Market Implications
• Long bonds, short equities as markets—and Fed–are underestimating uncertainty.
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